Iran and the USA have agreed to a 60-day extension of the ceasefire.
The final deliberation awaits Donald Trump's approval. WTI crude oil is weakening below $88 per barrel this morning.
The proposed memorandum of understanding would guarantee free passage through the strait, and Iran would have to remove all minefields within 30 days of signing. Negotiations on Iran's nuclear program would begin concurrently. A critical issue remains the question of frozen Iranian assets amounting to approximately $24 billion, with Iran demanding their full release while Trump conditionally insists on maintaining sanctions.
For me, this isn’t entirely positive. It doesn’t change much — there has already been a ceasefire and attacks are still taking place, as are blockades, and an end is nowhere in sight even under the cover of an extended ceasefire. Until the Iran–US chapter is closed and the Strait of Hormuz is fully reopened, this doesn’t really change anything.